All Forum Posts by: Shawn McCormick

I have a couple that I can suggest for you if you haven't chosen anyone yet.

@Nancy Bender there are currently 16 active listing in Margaritaville and the supply of listings is almost always higher than other similar nearby resorts. 10 of those 16 have been listed for 60 days or more. I don't know that I would gamble and say you could sell it if it doesn't work out, you could be holding it for some time.

@Hilary Stalder I am a long time member of CFRI, the local chapter of the National REIA. The next general meeting in July 12th near downtown. There are more than 20 meetings a month all over central Florida and some people also run independent meet ups too. You can print out a free guest pass for your first meeting.

@Michael Furey Lots of good advice and information here for you to digest. Still lots of questions to be answered and considerations..

where do you want to spend time at, choose a location that suits your vacation needs too..

taxes and insurance will be huge factors in beach cities...

regulations are just plain hard to keep up with if you aren't local...

condo fees will be likely way too high in beach areas and kill your ROI...

good, consistant, experienced PMs/hosts in some areas

travel to and from your location..from airport, from beaches, toll roads, etc will they have to have connecting flights, then rent a car and drive another hour?

how well known is the area you are looking to go for the huge International vacationers that come to Florida

Orlando gets my vote on all of these questions, it was built for STR and has dozens of communities that are designated for STR usage. Our inventory is getting much better and you will have better luck finding a motivated seller.

Hope this helps. Best of luck!

Hi @MIlena Sena

I do not own properties in CG, but have several clients that do and they are all still doing quite well. Interested to hear if the people that told you that were speaking of Orlando specifically. Since we are more a global destination...as opposed to the more driveable U.S. destinations. I do know those types of markets have been hurt badly with gas prices, but Orlando is weathering that storm better than most.

Championsgate is a consistent performer, but it is a big community so you do have to pick a good property, just being in there isn't enough. It does have a great reputation and following. Make sure your agent is vetting the home, furniture, theming and overall condition. There are many that aren't well maintained.

@Antonio Sparapani

Sounds like you got some good advice. I am local and would be happy to talk thru some options you might want to consider. Condos have different lending requirements that may limit your buyer pool to have them qualify (or the condo association qualify). Best of luck, let me know if I can be of any help.

@Brittney Smith I sent you a message.

Glad she worked out for you. Happy to help anytime!

@Juan González The Orlando/Kissimmee market doesn't have a whole lot to offer in the way of multi family in a consistant supply. Most of what hits the market is gone almost immediately and anything left if left for a reason (you wouldn't want to live in the area, the house is too old, isn't really a multi family unit etc, etc). Tampa has much more inventory and therefore the prices are a little more attractive. 

Depending on if you are willing/able to live in the middle somewhere, you will have a better opportunity Polk and Hillsborough counties will offer some better pricing, little less competition, but generally less diversity in your tenant pool. Tradeoffs. Look in Lakeland, Haines City, Auburndale, Winter Haven, Bartow and then all the way over to New Port Richey. 

Good Luck!

@Wayne Woodson You have gotten pretty great responses here. I will add that if you are able to travel to view the property before getting it under contract or during your inspection period, take tons of photos and video...measure everything and meet with your agent and have them help you. Much can be done remotely, but no one will do it to your standards. 

In my market, Orlando, our STR homes come fully furnished and ready to rent the day after closing and also future bookings almost always convey with the property. So this can be a challenge to even put lipstick on your rental since it is booked when you take over. I advise my clients to block some time off the calendar during a traditionally slow time and pre-book all your work to be done during that time. Pre order all of your furniture, theming items etc and store them so that when the time comes, you are ready to knock out any updates and not interrupt any guest experience. I would even suggest incentivizing the first few guests after your redo to give you great reviews.

Hope this helps and good luck!